Bain-backed UK home and motor insurer Esure Group anticipates further growth following a £200m ($258m) transformation initiative, according to a report by Bloomberg citing Chief Executive Officer David McMillan.
The firm recently concluded a three-year overhaul of its technology, operations, and corporate culture, McMillan stated in an interview, reporting a 14% increase in turnover to £1.1bn in 2024, with trading profit reaching £126.8m, a sharp turnaround from a loss in the prior year.
Furthermore, 80% of the company’s customer interactions are now conducted digitally – more than double from previous years.
Founded in 2000, Esure provides car and home insurance to two million customers through its core brand, as well as Sheilas’ Wheels and First Alternative. After listing on the London Stock Exchange in 2013, the insurer was taken private by Bain Capital in a £1.2bn acquisition five years later.
Esure’s improved financial performance has coincided with renewed takeover interest from industry players, as reported by Bloomberg in October. Bain Capital is expected to receive binding bids for the business by April 7, according to sources familiar with the matter.
Potential bidders include Allianz SE and Sampo Oyj, the latter of which owns UK-based Hastings Group, along with Belgium’s Ageas, and US insurers Allstate Insurance and GEICO, sources indicated. Discussions remain ongoing, and there is no certainty that any offers will materialise.
